Uber receives $3.5 Billion investment from Saudi Wealth Fund


The deal marks the company’s biggest cash influx from a single investor.

The money comes from the country’s Public Investment Fund. It won’t change Uber’s valuation, which remains at $62.5 billion, which CNN reports makes it the most valuable startup in the world

With it, Uber also added a new member to its board: Public Investment Fund managing director Yasir Al Rumayyan.

“We’ve seen first-hand how this company has improved urban mobility around the world and we’re looking forward to being part of that progress,” said Al Rumayyan. He’ll join the likes of Arianna Huffington on the board.

Uber has been operating in Saudi Arabia since 2014.

According to Uber, 80 per cent of its customers in Saudi Arabia are women, since women are not allowed to drive themselves.

The Middle East marks a big growth area for Uber, who announced in November that it was investing $250 million in the Middle East and North Africa. Uber currently operates in nine countries and 15 cities in the region.